“My concern is that ‘27 input costs are going to be higher than they were in ‘26. In April this year, fertilizer giant Mosaic revealed a plan to reduce production from its South American division (Mosaic Fertilizantes) by a million tons due to high sulfur prices. “You’ve got record high phosphate prices, and we know from history that if you have record prices, people tend to make good profits. Additionally, questions remain about the U.S.’s relationship with China, with farmers unsure about what the two countries promised with soybean, Nicholson explained. And then all of a sudden, early this winter, it was ‘oh, there’s another 8 million tons [China] agreed to,’” Nicholson said.